Funding arb · Price arb /

SKR

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0969%/8h= +106.1% APRpaid last 24h +0.023%

Price spread now: Backpack against BingX−0.119%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$132as in the Price arb table

costs, in and out, $10k−$1201.202% of the position

Long on BingX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.523%+$52 on $10k

Price spread, last 4 days (all we have)+0.145%+$14 · spread now −0.119%, 7d avg −0.006%

Together, before fees+0.668%+$67 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.113% cheaper against BingX than usual: you would sell low and buy high (spread −0.119% now, against its 7-day average of −0.006%). If the spread goes back, that is −$11 on $10k: about 9 hours of funding at the current rate (+$29 a day). At the pace of the last 7 days (+0.523% in total) that is about 36 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.523% in total (about 27.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX SKR-USDT	0.02095	0.0100	pay 0.0050% / 4h	40m 54s	—	$2.4M	—
Short	Backpack SKR_USDC_PERP	0.02093	0.1069	get 0.0134% / 1h	40m 54s	$50K	$182K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BingXbpFee BackpackbpOrdersPrice spread, now −0.119%Rate

Funding earned: $203.45
Price spread: −0.119% → −0.006%: −$11.35
Slippage, 4 orders: −$100.18
Fee BingX: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $71.92
Costs to cover: 1.202%
Break-even: 4.5 days

Slippage from BingX: live order book, 8 min ago; Backpack: live order book, 17 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BingX live order book, 8 min ago	5.98 bp	37.3 bp −$37	150.2 bp −$1,502	551.2 bp −$55.1K	887.8 bp −$443.9K
Sell Backpack live order book, 17 min ago	1.69 bp	19.1 bp −$19	doesn't fit	doesn't fit	doesn't fit

SKR on 15 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SKR-USDT	−0.0140%	4h	0.02091	−0.220%	$229K	$165K	20x	as long as short
Lighter SKR	+0.0096%	1h	0.02087	−0.377%	$9K	$20K	3x	as long as short
Hyperliquid SKR	+0.0100%	1h	0.02094	−0.057%	$1.3M	$809K	3x	as long as short
Aster SKRUSDT	+0.0100%	4h	0.02090	−0.242%	$29K	$35K	5x	as long as short
Binance SKRUSDT	+0.0100%	4h	0.02095	+0.005%	$3.5M	$13.3M	20x	as long as short
Bybit SKRUSDT	+0.0100%	4h	0.02094	−0.048%	$4.5M	$5.3M	20x	as long as short
Gate SKR_USDT	+0.0100%	4h	0.02094	−0.072%	$1.0M	$554K	20x	as long as short
MEXC SKR_USDT	+0.0100%	4h	0.02096	+0.010%	$4.3M	$474K	20x	as long as short
KuCoin SKRUSDTM	+0.0100%	4h	0.02091	−0.215%	$641K	$723K	20x	as long as short
Bitget SKRUSDT	+0.0100%	4h	0.02095	−0.005%	$1.5M	$1.3M	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SKR-USDTlong	+0.0100%	4h	0.02095	long leg	—	$2.4M	—
SunX SKR-USDT	+0.0100%	4h	0.02088	−0.367%	$2K	$2.3M	20x	as long as short
HTX SKR-USDT	+0.0100%	4h	0.02090	−0.229%	$14K	$35K	20x	as long as short
Backpack SKR_USDC_PERPshort	+0.1069%	1h	0.02093	−0.119%	$50K	$182K	5x
Phoenix SKR	+0.1165%	1h	0.02094	−0.076%	$4K	$10K	3x	as long as short